Hungary seeks Exxon gas project in Black Sea

The U.S. could help Hungary diversify away from Russian energy by encouraging Exxon Mobil (NYSE:XOM) to proceed with long-stalled plans to develop the Domino-1 gas field in the Black Sea, says Hungary Foreign Minister Szijjarto.

The field was discovered off Romania in 2012 with estimated gas reserves of 1.5T-3T cf, and XOM has since sought greater clarity from Romanian authorities before developing the field.

Hungary could import the gas via a pipeline Romania is building from the Black Sea through an interconnector between the two countries, which would be capable of handling reverse flows, Szijjarto tells U.S. Secretary of Energy Perry.